The Pecking Order of Innovation Finance

with Andrea Mina; available at SSRN. Abstract: This paper examines the relationship between firms’ innovation activities and the hierarchy of financing behaviours. We analyse the role of innovation inputs (R&D), intermediate outputs (patents) and outcomes (product and process innovations) as sources of information asymmetry in financing decisions. Our focus on mainly unlisted companies allows us to …

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Inflating away your pension

As a result of their negotitations on the future of UK university pensions, which I have written about previously, the University and College Union (UCU) and employers represented by Universities UK (UUK) announced an agreement on 12 March 2018. The main points of the agreement are: Change the accrual rate from 1/75 to 1/85 per …

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Early Indicators of Fundraising Success by Venture Capital Firms

with Timothy E. Trombley This working paper is available at SSRN. Abstract: We show how a venture capital firm’s fundraising is affected by its investment choices. We investigate three leading indicators that are calculated from the type of investments the venture capital firms make: style drift investments, follow-on investments, and investments in which the venture …

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Takeover law to protect shareholders: Increasing efficiency or merely redistributing gains?

Journal of Corporate Finance, Volume 43, 2017, Pages 288–315. Accepted manuscript available here. with Ying Wang Abstract: We construct a dynamic takeover law index using hand-collected data on legal provisions and empirically examine the effect of takeover regulation to protect shareholders on shareholder wealth for bidders and targets in a multi-country setting. We find that …

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Venture capital investments and the technological performance of portfolio firms

Research Policy, Volume 45, Issue 1, February 2016, Pages 303–318 (Open Access) with Andrea Mina Abstract: What is the relationship between venture capitalists’ selection of investment targets and the effects of these investments on the patenting performance of portfolio companies? In this paper, we set out a modelling and estimation framework designed to discover whether venture …

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